The new fund to fight on watershed low success rate diluted earnings – fund channel according to the fund.eastmoney.com statistics, as of February 2nd, in January has allocated shares of new media related stock movements gold 654, nearly 1 years allocated 819 funds, in addition, there are 654 dozen new funds have been allocated not the listing of new shares. In the face of a large number of performance, widening the gap between the dozen new funds, investors how to choose? The geometric effects of new rules on fund designers? This kind of products can continue to maintain a steady income high? The low success rate of diluted earnings hit the so-called new, is to use the funds involved in the purchase of new shares, if the success of it, you can buy the stock to be listed. Ordinary investors to participate in the new play has two channels: the purchase of new shares and buy new fund. In November 2015 China Commission issued the "securities issuance and underwriting management approach (Draft)" pointed out that the new rules require 2016 online and offline without freezing of funds, allocated after payment. Subsequently, "IPO underwriting business norms", "IPO placement rules" and "IPO net investor management rules" and other supporting documents have been issued. The new regulations, increased "can be used independently negotiate direct pricing and other lawful and feasible way to determine the issue price" pricing. In January this year is the first month of the implementation of the new regulations, from the actual situation, make participation significantly enhance the success rate and decrease. According to a third party investment adviser website statistics, 6 new shares from January 22nd to January 29th of the purchase, only the southern media success rate is slightly higher, to 0.133%, the remaining 5 shares the success rate was 0.045%, 0.073% Luyan pharmacy Oriental fashion, shun new material 0.022%, Suzhou 0.023% and 0.023% stake in Gaolan design. Compared to the average success rate of 0.492% in 2015 220 new shares, currently playing new revenue is hardly optimistic. "Cancel the pre payment system is the core of the new regulations change. Because the threshold is open, more investors into the new online play leading to online success rate is very low, diluted earnings, making purely to fight the new feasibility of the market value of the stock holdings reduced." CICC analyst Zhang Jiqiang said. "In the pre payment, cancel the setting and implementation of punishment to abandon the purchase of small cap stocks directly pricing mechanism, the new play is no longer large funds advantage, and become small and medium-sized investors’ first on the bus, after the replacement ticket, Bo luck ‘carnival." Taurus financial network researcher He Fajie believes that the new rules change though, but the shares of the issue price of the low, low earnings, low fund-raising scale of "three low" pattern does not change, and the rhythm is not open, most investors still believe that, after the IPO is still there will be a certain limit. In addition, the new regulations also require online purchase, online according to the market value of the purchase, Yaohao; and the establishment of the online investors purchase restriction mechanism, provisions of the online investors within 12 consecutive months accumulated in circumstances not full payment of the 3 ballot, not allowed to participate in the purchase of new shares within 6 months. Under the net for investors.